Overseas Headlines – September 2, 2021

United States:

U.S. Initial Jobless Claims Decline to Fresh Pandemic Low

“Applications for U.S. state unemployment benefits fell last week to a fresh pandemic low amid a recovering economy. Initial unemployment claims in regular state programs fell 14,000 to 340,000 in the week ended Aug. 28, Labor Department data showed Thursday. The median estimate in a Bloomberg survey of economists called for a slight decrease to 345,000 new applications.”



Europe’s Waning Crisis Sparks ECB Debate on Ending Stimulus

“The euro-area economy’s rebound and a dramatic inflation surge has reignited the sparring among European Central Bank policy makers about when to shift the institution away from its crisis mode.    While euro-area central bankers were mostly united behind the measures taken to guide the economy through the Covid-19 recession, the return toward normality is fraying that consensus. Two hawkish Governing Council members, Austria’s Robert Holzmann and Klaas Knot of the Netherlands, kicked off a public exchange of views this week when they said that the inflation outlook now warrants stepping back stimulus.”



Bank of Korea’s Lee Sees Solid Recovery as Data Beat Estimates

“Bank of Korea Governor Lee Ju-yeol’s optimism on the strength of the recovery and the latest inflation and growth data add support to views that the central bank will raise rates again this year.  In a speech at a local conference on Thursday, Lee said South Korea’s “solid recovery trend will continue” amid the spread of the delta variant as increasing vaccination rates and resilient exports offer support.”



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